4 Frequently Asked Questions About Business School
Whether you’re looking to undertake the Master of Business Administration (MBA), the Bachelor of Business Administration (BBA) or another business programme – there is no doubt that you have given your decision much thought. Over the years, the Graduate Management Admission Council (GMAC) has conducted a variety of studies on management schools and graduate management education. This research has given us an insight into what potential business school students want to know, and as such has allowed a number of questions to be answered with real data. In this post, we break down some of GMAC’s findings and analyse what it really means for AIB students around the world. See below for four frequently asked questions about business school, and feel free to ask us any additional questions at the bottom of the post.
1. What is the Return on Investment (ROI) for an MBA?
This is a big question for prospective business school students and rightfully so! Students want to know if their investment, both financial and time, will be worth their efforts in the long run. According to GMAC, 95% of alumni (from graduating classes 1959-2013) said that their MBA was ‘personally rewarding’. Of this group, 93% said that their degree gave them ‘good to outstanding career outcomes’ in the preparation for leadership positions, and 98% said that their MBA was financially rewarding. All of the aforementioned statistics show that the overwhelming majority see a good ROI, further increasing the value of the degree.
2. How do business school graduates perform in the job market?
One of the primary motivators for studying the MBA, BBA or other business-related programmes is the increased employability at the completion of the programme. According to GMAC’s 2015 Global Management Education Graduate Survey Report, more than half of job-seeking graduate business students in the class of 2015 received an early job offer prior to graduation. In addition, graduates around the world accepting early job offers in 2015 report a median post-degree salary increase of 90 per cent over their pre-degree salaries.
3. What does the outlook for MBA hires look like?
When studying a particular programme, business school students want to be confident that their programme is in demand once they have graduated. There is good news for MBA students, with three in four employers expected to hire MBA graduates in 2016. Of this group, 85% plan to hire ‘as many or more’ of these candidates than they did in 2015. These figures have come from GMAC’s 2015 Year End Poll of Employers Summary Report, which presents actual hiring data for 2015 and provides a forecast for 2016.
4. What are the most popular fields that business students want to pursue?
According to GMAC’s 2014 prospective students survey, the top ten career fields (out of 55) that prospective business students are considering are accounting (13%), consulting services (11%), management consulting (9%), investment banking or management (8%), marketing services (8%), educational services (7%), nonprofit (7%), banking (7%), government (7%) and finance and insurance (7%). Comparing these to the fields in which graduates are actually landing jobs in, finance, consulting, and ‘products and services’ accounted for 65 per cent of the early job offers for the class of 2014 graduates.
What do you think?
Do you have any other questions about business school that you’d like to see added to this list? We’re more than happy to answer questions, so please feel free to comment them below or get the 12 Month MBA info pack to learn more about our MBA programme.
This article was written by Laura Hutton on behalf of the Australian Institute of Business. All opinions are that of the writer and do not necessarily reflect the opinion of AIB.